Wednesday September 23, 8:14 am Eastern Time
Company Press Release
First Americans Mortgage Corp. Makes a Presentation to the Santa Ana Pueblo Nation for Financing, Design & Construction for Housing
LENEXA, Kan.--(BUSINESS WIRE)--Sept. 23, 1998--First Americans Mortgage Corp., an AmeriResource Technologies Inc. Subsidiary (OTCBB: ARET - news) announced today that Dustan Shepherd & Delmar Janovec made a presentation before the Tribal Administrator and Staff for the development of Housing on the reservation.
FAMC will submit a formal proposal within the next two weeks for this Housing initiative that would include financing, design, and construction of approximately 30 homes for this next year.
The financing could be available under some of the same programs that FAMC is currently working with other Native American Nations including the Chickasaw & Choctaw Nations in Oklahoma that was announced per the Press Release dated Sept. 10, 1998. The size of the homes are approximately 1,400 sq. ft. in size with a target cost of $80,000 depending on the final design of the homes.
The Santa Ana Pueblo Tribe is located just North of Albuquerque, N.M. on approximately 18,000 acres of reservation and have about 640 tribal members.
The Santa Ana Pueblo are very progressive and have several profitable business entities.
They currently operate the Santa Ana Star Casino that is approximately 50,000 sq. ft. in size.
The Santa Ana's also own an 18 Hole Golf Course that is rated as one of the premier courses in the Southwest.
They are currently planning a large commercial project that includes a major Five Star Hotel and convention center to include all of the amenities with ground breaking scheduled for the spring of 1999 depending upon final completion of design.
Dustan Shepherd, President of ARET and FAMC commented, ''We look forward to working with the Santa Ana Pueblo Tribe on this housing initiative and developing a business relationship. We believe this relationship will give the FAMC and their sister companies the cornerstone project that will lead to the establishment of an office in the Southwest and expand our existing partnership base that has already been set in motion.''
AmeriResource Technologies Inc. is a holding company which, through its subsidiaries, provides a full range of services, i.e., mortgage financing, consulting, design/construction, and specializing in construction management services coupled with economic development both within and outside the Native American Community. The firm is based in Lenexa, Kan. in the Heart of America.
The release may contain forward looking statements that involve risk and uncertainties, including without limitations, continued acceptance of the company's products and services, increased levels of competition, new products and technological changes.
The company's dependency on financing third party suppliers and intellectual property rights, and other risks detailed from time to time in the company's federal filings, annual reports, offering memorandums or prospectus.
Contact:
AmeriResource Technologies Inc.
Delmar Janovec, 913/859-9292
Dustan R. Shepherd, 913/859-9505
or
Robert Solarchik, 800/913-9767 |
